Are Ethereum, Ripple and Litecoin About To Start a Reversal Against Bitcoin?

The cryptocurrency markets have seen a sweet rebound over the past couple of days, which has led many to believe that the previous bearish pressure may be about to conclude. Against BTC, the altcoins are starting to show signs that they may finally start to climb. If they can continue to do this, we can expect these altcoins to also continue increasing in terms of USD value in the coming weeks.

Ethereum

Ethereum price

₿0.0187

Key ETH resistance levels

₿0.0190, ₿0.0200, ₿0.0210, ₿0.0218

Key ETH support levels

₿0.0185, ₿0.01790

Ethereum has seen a 3.62% price increase over the past 24 hours, which has seen the price for the coin rise to the $200 level again. Ethereum has suffered a 14% price fall over the past 30 days as the cryptocurrency remains in 2nd place with a market cap value of $21.5 billion.

Taking a quick look at the ETH/USD chart above, we can see that Ethereum had dropped beneath $200 and continued lower to find support at the 6 month old rising support trend line.

After reaching this support, we can see that Ethereum has rebounded as it is now on the path to head higher. The next level of strong resistance lies at $202 and $220 (200-day EMA).

ETH/BTC chart, 1-day candles

What has been going on?

Against BTC, we can see that Ethereum has been trapped within a steep descending price channel for the previous 2 months of trading. Price action remained within the price channel until reaching a low of around ₿0.01767, where a rebound had occurred.

We can see that in yesterday’s trading session, ETH/BTC managed to break above this descending price channel, a strong sign that the downtrend may be concluding. If ETH can continue to rise and remain away from the price channel, we can expect some very strong gains to be experienced for ETH.

Where can we go from here?

If the bulls continue to climb further higher, we can expect immediate resistance to be located at ₿0.019 and ₿0.01937 – this is then followed with more strong resistance at ₿0.02. Above ₿0.02, we can expect higher resistance at ₿0.02042, ₿0.021, ₿0.02183, ₿0.022, ₿0.0225, ₿0.02390 and ₿0.02452.

Alternatively, if the sellers start to push the market lower once again we can expect immediate support beneath the market to be located at ₿0.0185. This is then followed up with some more support at the ₿0.01790 and ₿0.01767 levels.

What are the technical indicators showing?

The RSI is currently involved in a battle at the 50 level which indicates indecision within the market. However, if the RSI can climb above the 50 level (which will be for the first time since early June) we can expect the bullish pressure to ignite.

Ripple (XRP)

Ripple price

2,637 SAT

Key XRP resistance levels

2,800 SAT, 2,846 SAT, 3,000 SAT

Key XRP support levels

2,455 SAT

XRP has seen a small 1.3% price increase over the past 24 hours, bringing the price for the cryptocurrency up to $0.2840. XRP has suffered a steep 30% price drop over the past 90 days as XRP now holds the 3rd position with a market cap value of $12.18 billion.

Looking at the XRP/USD chart above, we can see that at the start of August, XRP had been hit hard, with the coin falling beneath the year-long strong support at $0.30. XRP continued to travel lower until finding support at the $0.2584 level, where a rebound higher was seen.

XRP is now trading at the $0.2842 level as the bulls in the market attempt to grind their way back toward $0.30.

XRP/BTC, 1-day candles

What has been going on?

Looking at the XRPBTC chart above, we can see that XRP had slid beneath a rising trend line during early August, which had seen XRP fall beneath 3,000 SAT and continue further lower. We can see that XRP fell much further until finding support at the 2,455 SAT level, where the rebound had occurred.

However, during this rebound, XRP has now been able to overcome the resistance at 2,800 SAT and is bound by the range between here at 2,455 SAT.

Where can we go from here?

If the bulls can continue with the ascension higher, we can expect immediate resistance to be located at 2,800 SAT, 2,846 SAT and 3,000 SAT. Then, we can expect higher resistance to be located at 3,200 SAT, 3,400 SAT, 3,600 SAT and 3,800 SAT. The resistance at 3,800 SAT is further bolstered by the 100-day EMA – if the bulls can break above, the next level of resistance above is located at 4000 SAT.

What are the technical indicators showing?

The RSI is trading along with the 50 level, which shows that the bulls are attempting to gain control over the market momentum. If the RSI can climb away from the 50 level, we can expect XRP heading towards 3,800 SAT pretty soon.

Litecoin

Litecoin price

฿0.00720

Key LTC resistance levels

₿0.00741, ₿0.00800, ₿0.00824

Key LTC support levels

₿0.00709, ₿0.00688, ₿0.00638

Litecoin has seen a 2% increase over the past 24 hours, bringing the Litecoin price to $77.92. The cryptocurrency has seen a price drop of about 20% over the past 30 days Litecoin is ranked in the 5th position with a total market cap value of $4.90 billion.

Looking at the LTC/USD chart above, we can see that Litecoin dropped beneath a symmetrical triangle (and the 200 day EMA) at the start of August which had caused Litecoin to continue to keep slipping until finding support at the $70.82 level. Litecoin has rebounded from this level of support to trade at $77.92.

LTC/BTC chart, 1-day candles

What has been going on?

Looking at the daily chart above, we can see that Litecoin has also been tumbling during the initial stages of June. Litecoin had dropped from a high above ₿0.00978 and had continued to fall until finding support at ₿0.007097. Litecoin has returned to this level of support recently and looks to be in the weakest position against BTC amongst the coins on this list.

Where can we go from here?

If the sellers continue to push the market lower, we can expect immediate support to be located at ₿0.007097. Beneath this, further support is then to be expected at ₿0.006889, ₿0.006380 and ₿0.006268.

Alternatively, if the bulls can push the market above the current resistance at ₿0.007418, we can expect further higher resistance to be located at ₿0.008. Above this, higher resistance is then found at ₿0.008244, ₿0.0090, ₿0.009415 and ₿0.01.

What are the technical indicators showing?

The RSI is still well below the 50 level, which shows that the bears remain in control of the market momentum. If we would like to see LTC/BTC climb higher, we would need to see the RSI break above the 50 level.

Yaz Sheikh

Yaz is a cryptocurrency technical analyst with over seven years of technical analysis trading experience. As an Economics graduate, he has taken a keen interest in the future potential of blockchain in the financial industry. Removing crypto from the equation, Yaz loves to watch his favorite football team and keep up-to-date with the latest fights within the UFC.

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